Economic stimulus checks beginning to arrive; when will you receive yours?

Monday

Apr 28, 2008 at 2:36 PM

PORTSMOUTH — Millions of Americans received their economic stimulus payments Monday, and millions more are scheduled to receive it by mid-July, in an effort to aid the slumping economy.

Adam Leech

PORTSMOUTH — Millions of Americans received their economic stimulus payments Monday, and millions more are scheduled to receive it by mid-July, in an effort to aid the slumping economy.

Taxpayers who filed on time and opted for direct deposit will receive payments first. The first paper checks will be mailed out beginning May 9, and ending July 11.

To receive a payment, taxpayers must have a valid Social Security number, $3,000 of income and file a 2007 federal tax return. No additional forms are needed to receive a payment. Eligible people will receive up to $600 ($1,200 for married couples), and parents will receive an additional $300 for each eligible child younger than 17.

Payments will be issued according to the last two digits of the main filer’s Social Security numbers. Direct deposit filers whose last two Social Security number digits are 00 through 20 should have their payment deposited by May 2; 21 through 75 by May 9; and 76 through 99 by May 16.

Paper checks for filers whose last two social security number digits are 00 through 09 will be in the mail by May 16; 10 through 18 by May 23; 19 through 25 by May 30; 26 through 38 by June 6; 39 through 51 by June 13; 52 through 63 by June 20; 64 through 75 by June 27; 76 through 87 by July 4; and 88 through 99 by July 11.

People who file a return after April 15 will receive their payment approximately two weeks later than scheduled. Returns must be filed by Oct. 15 to receive a payment.

Retirees, disabled veterans and low-wage workers who usually are exempt from filing a tax return must do so this year in order to receive a stimulus payment. Even though April 15 has passed, those people can still file.

Whether the plan will serve its intended purpose is a matter of debate. A CNN/Opinion Research Corp. poll found that 41 percent of respondents plan to use their rebates to pay bills, and 32 percent will put the money in savings. Just 21 percent of those polled intend to spend the money, while 3 percent said they will donate the extra money to charity.

Locally, some Seacoast residents said they plan to spend the money while others said they plan to pay bills.

John Corsi, of Kittery, Maine, said he will probably put it toward his taxes next year.

“I’m just giving it back to the feds,” said Corsi. “So they’re spending money to get it to me and then for me to give it right back to them.”

Bruce Jewett, of Portsmouth, said he has no specific plans for the money, but intends to spend it.

“I don’t think I’ll do anything with it ... I’ll probably just throw it in some account,” said Jewett. “But I’ll spend it somewhere, so I guess that’s fueling the economy.”

Michael Clark, of Dover, said he doesn’t believe the plan will help thwart a recession and will only increase the deficit.

“I think the problems of the economy are far worse than giving people a few hundred bucks is going to solve,” said Clark.

Many downtown businesses are feeling the impact of the struggling economy, according to Downtown Business Association president Paul Sorli. Most reported first quarter earnings are either declining or flat-lining from the previous year.

The stimulus payments, he said, will hopefully help improve numbers for the second quarter.

“Some people will definitely apply that payment to debt they’ve accumulated, but that means more credit on the cards to use later,” said Sorli. “I definitely think it’s helpful. I don’t think it’s a total resolution — that’s going to take time — but anything helps.”

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